An estimated third of employees spend at least some of their week working from home with high speed broadband rising up the criteria list for new house buyers. Evidence suggests that broadband speeds could affect the price that buyers end up paying for their next move.
An analysis of average house prices and broadband download speeds by local authority reveals that buyers spend, on average, 17% more for properties in areas with superfast broadband compared to areas where average speeds are less than 25 Mbps.
Some of this will be related to where broadband providers have historically focused their investment, ie, in more affluent areas, but with the major providers increasing their coverage, this effect will become more diluted. Indeed, the Government has committed to provide superfast broadband (at least 24Mbps) to at least 95% of UK premises.
There are a myriad of factors that affect local property prices but the influence of broadband speeds should not be underestimated with its importance to buyers set to continue to increase.
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After months of hard work, our new website finally went live over the weekend and is looking fantastic! Why not have a good look around and see what amazing new features and information are included.
Our new banner has arrived today ready for tonight, and it looks great!! We are proudly sponsoring the Pink Wig event which is part of Falmouth Week and raises funds for vital research projects, the best care for breast cancer patients in Cornwall and a safer future for the next generation.
Most of our attention has been centred on fixed rates over recent years, as economic uncertainty grew and borrowers looked for some peace of mind.
With the Bank of England cutting the base rate to an all-time low of 0.25%, and questions being raised over the possibility of a further cut, there is now likely to be more interest in tracker mortgages.
These are variable mortgages that move up or down in line with another rate (usually the Bank of England Base Rate) and as such the monthly repayments are also variable.
The potential for another drop in monthly payments will appeal to many. Borrowers should check with their lenders however. In recent years some have applied a collar to their deals, which would prevent monthly payments from going down any further, even if base rate was to be cut again.
The variable nature of tracker mortgages mean that they will not be suitable for everyone, and many borrowers will still prefer the security of a fixed rate, especially as they are so low at the moment.
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